Your two obvious choices are concrete and asphalt. Concrete is usually a bit to a lot more expensive, but wears the best, whereas asphalt requires more maintenance. Asphalt blends into the shadows a bit better, but concrete can be tinted if that is really an issue. You can also put a lot of attractive finishes on concrete for another dime a sq. foot, like broom finish, etc., which also can reduce its reflectivity.
Some other things to consider are more expensive still, but in the landscape architecture world, there are many new permeable pavements (like chips, but with an epoxy holding them together) that reduce runoff. There are also some interlocking pavers that allow percolation, and can have design patterns built in. For 99% of clubs, those are probably not affordable, unless up at the clubhouse for an entry statement, etc.
Lastly, some courses are going back to the old two lane pavement - with grass in between two hard surface strips (using any of the above) and paving only where the tires will run. It remains to be seen how well those might hold up on poorly drained soils.
If you use any kind of gravel, like the limestone chips, you really, really need to pay attention to drainage and control of surface water, or they will wash out quickly in low spots and on steep hills.